This Friday at 8:00 AM (UTC), a major event will occur — over $3.16 billion worth of Bitcoin and Ethereum options will expire and settle simultaneously. This scale is enough to cause a significant impact on the crypto market in a short period.

From the data, Bitcoin accounts for over 70% of these options, making it the absolute main player. Although Ethereum has a smaller volume, it has historically shown a stronger volatility amplification effect. There are also options positions in other cryptocurrencies such as ZEC. The market's main focus is on the so-called "maximum pain" zone — this range often becomes the focal point of the battle between bulls and bears, determining the final settlement direction at expiration.

Historical experience shows that large-scale options expirations often lead to significant volatility. The key question is whether market makers or large holders will adjust their positions or "shake" the market before settlement. The price movement in the last few hours could directly determine the profit or loss of hundreds of millions of dollars in positions — which is why these events always attract the full market's attention.

In the short term, the market could experience anything from sharp rises to sharp falls. Holders should prepare for volatility, while observers might find opportunities within the fluctuations themselves. The next few hours will reveal the answer.